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INDIAN INSTITUTE OF MANAGEMENT

BANGALORE

CONSUMER DECISION
MAKING
AND
COMPETITION ANALYSIS
(MARKETING PROJECT)

Group 3
Akshay Johri
L.B.Mahesh Bhonagiri
Mannem Nithin Kumar
Rongali Madhavi
Vysakh Murali
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INTRODUCTION............................................................................................3
PRESENT STRATEGY OF TANISHQ................................................................4
JEWELLERY FOR WEDDING & WORKING CLASS........................................4
EMOTIONAL CONNECT..............................................................................4
ENVYING DESIGN......................................................................................5
FACEBOOK YOUTUBE AND TWITTER.........................................................5
RESEARCH METHODOLOGY.........................................................................6
PRIMARY RESEARCH..............................................................................6
SECONDARY RESEARCH........................................................................6
Here secondary research is through Tanishq case study, newspaper
articles, company websites and other review sites. Through this we
got a rough idea about the present scenario and who company is
putting forward its strategies................................................................6
IN DEPTH INTERVIEW...................................................................................6
SUJITH, VP MARKETING, TANISHQ INDIA................................................6
NARESH, SUMMER INTERN IN TANISHQ (APRIL JUNE 2015).................7
CUSTOMERS AND STORE MANAGER IN TANISHQ, BILEKHALLI STORE...7
CONSUMER DECISION MAKING PROCESS....................................................8
NEED RECOGNITION..............................................................................8
INFORMATION RESEARCH......................................................................9
EVALUATION OF ALTERNATIVES...........................................................10
PURCHASE DECISIONS........................................................................12
POST PURCHASE DECISIONS...............................................................12
INFLUENCE OF TANISHQ ON THE CUSTOMER PURCHASE DECISION..........13
COMPETITIVE ANALYSIS.............................................................................13
BRAND EQUITY..........................................................................................16
NEW STRATEGY..........................................................................................17
STRATEGY RECOMMENDATIONS................................................................19
REFERENCES.............................................................................................20

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INTRODUCTION
Project Phase 1: In this phase we started with an Industry analysis, where
we explored how the Jewellery and Gems market is faring in India. India
being one of the largest consumer of gold in the world, the market is
soaring high at a rate of 15.9% and is expected to grow in the coming
years. We performed a Porters 5 force analysis to know more about the
nitty gritty of the market. From the value proposition analysis, it was
evident that Tanishq, with TATA trust showed no lapse in the quality, purity
check and unique design. Tanishq brought about Karatmeter to check the
purity of gold, a first of its kind. Tanishq contributes 70% of Titan sales,
which comes around 9000cr. As far as Business model is concerned price
is mainly derived from making charges and the profit earned on the gold
charges. We also came to know that Tanishq major target market are
higher and upper middle class.
Later we concentrated on Value Chain Analysis, where Tanishqs Value
chain was divided into primary and secondary activities. Raw material,
gold is sourced from international and national market and integrated in
Hosur unit, where CAD technology is used for designing and are moved to
store by agents. Tanishq targets progressive women through traditional
design connect. Tanishq strives for better customer connect through their
174 stores. In this phase we got to know the Revenue model and Value
proposition of Tanishq
Project Phase 2: In this phase our objective was to do the STP profiling of
Tanishq. Tanishq with 174 stores is considered to be the largest jewellery
store. Through our primary research (Survey) and secondary research we
found out that Tanishq segmented the market mainly into 4.In
geographical segmentation, the wedding collection is divided based on
the taste of different states of India. In demographic segmentation they
again divided the market based on Age, gender, occupation, Income,
marital status and introduced different product line to satisfy each and
every customer. Tanishq noticing a niche working women market which
constituted 40% of women class, introduced new Mia collection. Based on
occasion they provided a Bridal collection in a varied price range and
design.
Tanishq mainly targeted urban market with main focus on bridal collection
for different region with respective designs. It tried to bring the working
women class into their fold and portrayed the same through their
advertisements. For this they launched new collection and created sub
brands in due course. In order to accommodate the middle class they
provided low cost jewellery starting from Rs6000. Tanishq positioned the
diamond jewellery segment as one which is affordable, true and elegant
diamonds. In gold segment, they positioned itself as everyday jewellery
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for working women, one which makes you to marry, beautiful gold for
beautiful people.
Through our survey we got to know that a large chunk of consumers know
about the different bridal collections of Tanishq and revealed that they are
having one of the best designs. In the same set of customers, many are
unaware of the low cost jewellery that Tanishq is offering though they did
revealed that they are aware of the Mia, working women collection. By
completing the 2nd phase of the project we got to know about Tanishq
target population and how products are segmented.

PRESENT STRATEGY OF TANISHQ


Tanishq which was established in 1995, became the largest and desirable
brand within a span of ten years shows that they were always connected
to customers and changed their strategies according to the need of the
consumers. Tanishq always provided the right range of products for
different markets at any point of time. Tanishq started as a premium
brand, but in due course of time it tried to position itself as an answer to
the upper and upper middle class jewellery lovers. At present the main
strategies that they are following are

Jewellery for
Wedding &
WorkingClass

Emotional
Connect

Envying Design
&
Brand

Facebook,
Youtube
Twitter

JEWELLERY FOR WEDDING & WORKING CLASS


Bridal collections of Tanishq is something that is unmatched. With Indian
wedding remaining as one which provides a platform to showcase the
jewellery studded power, Tanishq has carefully laid down itself as the stop
end shop for wedding collection with various regional scintillating designs.
With almost 15 regional varieties of design, Tanishq satisfies majority of
Indian weddings.
Tanishq after careful research found out that working class women
jewellery was one which was unattended. Working class women
constitutes about 40% of the total women class and in order tap this niche
market introduced various brands and sub brands. In order to
accommodate middle and upper middle class Tanishq is providing these
jewellery with price range as low as Rs.6000.

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EMOTIONAL CONNECT
Tanishq used emotional and unorthodox advertisement to garner the
attention of the masses. For wedding collections, they used the not so
prominent remarriage concept to show that Tanishq bridal collection is for
all. At the same time they showcased different wedding of north Indian
and south Indian choosing the same Tanishq Wedding brands. In this they
carefully made a tagline which quotes hum kisi bhi shaadi key liye tayaar
hain, and positioned itself as a pan India collection.

ENVYING DESIGN
Tanishq always was the front runner in terms of design. From the previous
survey itself consumers consider it as the most innovative in the design.
Tanishqs design team itself is composed of varied specialist designers
which is composed of 28 specialist designers. The unique design store
which they are having helps then to come up with best designs frequently

FACEBOOK YOUTUBE AND TWITTER


As Tanishq is having Aspiration to Own built in its product range and with
Tanishq entry into Facebook and Twitter is making its customers engaged.
With a strong brand conscious and new design seeker group being the
main customers of Tanishq, the social media is the perfect platform to
connect with their loyal followers. With the Tanishq ad creating a roar in
YouTube, rest is assured that people who love design and follow new
varieties are in love with these products.

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RESEARCH METHODOLOGY
By this we are trying to get the consumer behaviour in buying the Tanishq
jewellery and trying to find out whether the marketing strategy of Tanishq
is aiding their business. Through this research we are trying to gauge the
presence of brands among consumers and how it is positioned in their
minds. Indirectly it will also shows the consumers pulse and patterns when
buying a jewellery.

PRIMARY RESEARCH
In this primary research we conducted
1) Survey: It was done to collect data on consumer preference and
perception towards Tanishq. Using this we can check the varied
strategies and comment upon the new
2) In depth Interview
a) Sujith, VP of Marketing (Telephonic Interview)
b) Naresh, Internship in Tanishq (Face to face interview)
c) Subramanian, CFO (email)
d) Customers in Tanishq store (Face to face interview)

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SECONDARY RESEARCH
Here secondary research is through Tanishq case study, newspaper
articles, company websites and other review sites. Through this we got a
rough idea about the present scenario and who company is putting
forward its strategies.

IN DEPTH INTERVIEW
SUJITH, VP MARKETING, TANISHQ INDIA
Tanishq which is the largest branded jewellery player is considered to be a
pan India player and equally concentrates on all the regions. Tanishq is
having higher sales of diamonds in north India and have better sales of
gold in south India. Due to the higher urge for gold in south India Tanishq
has positioned itself as a saviour of wedding jewellery woes for all regions.
The bridal collection constitutes the highest factor in the sales of Tanishq,
and in order to strengthen their position in this segment they provide
region based design and now have almost 12 varieties of regional state
based design. Tanishq uses crowd sourcing method to get to know the
new design which customer wants.
The brand TATA works really in our favour and people always relate
Tanishq as something which is trustworthy and loyal. For the same Tanishq
provide 100% pure gold and use Karatmeter to test its purity.
The differentiation strategy which Tanishq is trying to adopt is the
exchange policy which no other brands are trying to offer. This signifies
the trust that Tanishq is having is showing it to the consumers

NARESH, SUMMER INTERN IN TANISHQ (APRIL JUNE


2015)
Based on the interactive chat that we had with Naresh, we came to know
that Tanishq uses less inventory in their stores. Their main idea here is to
increase the ROI and fully use up the inventory. Tanishq has now started to
offer silver jewellery apart from the gold, platinum and diamond. Tanishq
now found that there is a demand for silver jewellery mainly in northern
states of India and will now try to capture this unorganised market.
Now Tanishq is offering Loyality cards for Tanishq stores with the aim
to enhance the brand loyalty. By this card Tanishq will give discounts for
frequent visitors. Royale Annutara is another loyalty program which
Tanishq is running. Now they have added two new tiers and increased the
volume of users. Gold harvest savings scheme and Gold plus for middle
class are other new features which Tanishq is coming up with.
Miya brand based on competition is sold outside retailer. Miya, which is
the jewellery for working women has not shown a high increase in sales
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even after a low price slab. This mainly is due to the lack of awareness
among customers.

CUSTOMERS AND
BILEKHALLI STORE

STORE

MANAGER

IN

TANISHQ,

The main Invisible product that Tanishq is offering is the service which is
highly regarded by all customers and store managers
Customers purpose of buying gold varies from investment to gifting and
daily use. Majority of the customers who purchase from Tanishq has a sole
reason in mind which is nothing but the trust on jewellery quality and its
resale value. The after sale service which Tanishq provide is unmatchable.
Customers trust Tanishq and their view is strengthened by the Karatmeter
which is available in the stores. The service that Tanishq provides is
unmatchable and they get a feeling the product. Though its the gold that
they are buying, but its the Tanishq service and brand which makes the
customers more addicted to Tanishq. Unlike other players here there is a
heavy concentration on Service part.

CONSUMER DECISION MAKING PROCESS

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Need
Recognitio
n

Evaluation
of
Alternative
s

Information
Research

Purchase
Decision

Post
Purchase
Behaviour

NEED RECOGNITION
Indians are obsessed with gold and jewellery. Nowadays there is a high
focus on buying jewellery for investment and fashion rather than just for
the status symbol. Soaring price of gold jewellery has aided the need for
investment in gold. Now from our survey we found out that a major chunk
of the population ie 66% buy jewellery for investment and fashion, while
only 10% of the sample population considers jewellery as a purpose of
fashion. Interestingly 20% of the population considers gold only for
investment.

Reasons for purchase of jewellery


Investment & Fashion; 66%
As Gifts; 4%
Only Fashion; 10%
Only Investment; 20%

Investment & Fashion

Only Investment

Only Fashion

As Gifts

From survey we got to know that people do buy jewellery mainly during

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Gifts Investments
on
Occasions
special Days

1) Occasions mainly are Birthdays, Marriages, Anniversaries,


Akshayatritiya, Dhanteras
2) Gifts on special Days are Rakhi, Valentine and mothers days
3) Investments: When gold price is low people purchase jewellers
which serves both the purpose

INFORMATION RESEARCH
Nowadays in this high paced environment getting information is just a
matter of minutes, and people do a lot of research before even making an
intention to buy. The main source from where they fetch information are
television ads, peer groups, family, printed advertisements and previous
experience.

Information Flow
Televison advertisement

Family & peer groups

Printed advertisments

Banners

Online reviews

Online reviews; 13%


Banners; 3%
Printed advertisments;
Televison
10%
advertisement; 42%

Family & peer groups; 31%

Tanishq mainly does it campaign and promotions through Television


advertisements and now a days even through social media connect.

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Tanishq ad which comes to mind first


Tanishq for everyone; 16%
Mia ads; 8%
Bridal collection(remarriage); 54%
Pehla heera; 22%

Bridal collection(remarriage)

Pehla heera

Mia ads

Tanishq for everyone

DIFFERENT APPROACH: AN ANOMALY


During our interview with store manager we found out that Tanishq though
active in ads there main customers (high end section) are not using ads to
evaluate Tanishq. The marketing technique there is nothing but word of
mouth. Once these high end customers use Tanishq products then there is
no going back for them and will stay and remain loyal to them. So here
again service, brand and design captures the attention and rather these
are spread through word of mouth rather than ads

Customers response
Some of the comments received about the sensational Tanishq bridal
remarriage ad.
Social message is strong, associate the Tanishq brand very well
Makes a lot of sense seeing the ad will definitely go and buy Tanishq
Very happy to see a different concept, one of its kind
Portrayal of open minded society, Kudos to Tanishq, you just got a new
fan follower
A social commitment makes people to love you and Tanishq has shown
its true class

EVALUATION OF ALTERNATIVES
Customer is always the king and it is the customer who evaluates the
alternatives for the purchase of the jewellery. The decision that a
customer takes is mainly based on many factors of which price, design
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and brand play a huge role. Mainly the population which we surveyed
takes branded jewellery. Usually there would be an evaluation criteria
where they decide to buy from branded or unbranded jewellery. From this
survey we got to know that Brand, Price and design plays the most pivotal
role while selecting a jewellery.

Main aspects considered for buying jewellery

Customer Service; 9%
Design Only; 26%
Purity and Resale Value; 11%
Quality certifications; 5%
Brand & Price; 49%

Design Only

Quality certifications

Purity and Resale Value

Customer Service

Brand & Price

This is a positive sign for the Tanishq brand as their main strength lies in
the design and brand equity that they possess.

Most Favoured Brands


11%

15%

33%

6%
20%

15%

Tanishq

Asmi

Joy Alukaas

Kalyan Jewllers

Reliance Jewellers

Others

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Tanishq : Expensive, Cheap or Value for money


6%

28%
46%

21%
Expensive

Normal range

Value for money

Cheap

Consumers consider Tanishq products as an expensive range. But what is


more interesting here is that 28% of the consumers also consider Tanishq
as something which gives value for money. This results shows that
Tanishqs design and purity are really taken heart by people. From people
whom we surveyed we got to know that most favoured brand is Tanishq
followed by Joy Alukkas and Asmi. There are many new players in this
market who are trying to take the market which people have identified,
like kalyan, josco, Reliance.

PURCHASE DECISIONS
After evaluating all alternatives, customers will come to a conclusion
where to buy the preferred jewellery from. It is in this stage that
customers finally make up his mind to take one. Based on our survey we
found that 25% of people were brand loyals to Tanishq which is mainly due
to their design. We also got to know that 19 % of people preferred Tanishq
based on occasions.

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How often do you buy jewellery from Tanishq

From where to purchase


16%

8%
25%
19%

48%

2%
44%

38%

Always

First timer

Location of store

Brand Loyality

Sometimes

Never

Good Service

Random

From this we know that people do consider location of store as a main


criteria. But if youre a brand loyal it makes you to visit the store
irrespective of its position. So here Tanishq is having an advantage as the
store locations are situated in the prime positions in the respective cities.
From the previous data the brand loyalty factor will help Tanishq to get in
more consumers.

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POST PURCHASE DECISIONS


Are you happy with Tanishq
19%

8%

25%

48%
Excellent

Very good

Average

Not that good

How is the after service of Tanishq


13%

9%
6%
20%
52%

Excellent

Good

Average

Not that good

No comments

This survey showed us that consumers are really happy after the
purchase. Out of the consumers who bought from Tanishq more than 70%
of the customers are happy. This means that the product that Tanishq
provides meet the expectation of Tanishq. Now Tanishq has also started
return back policy where one can exchange the gold bought from Tanishq
within prescribed time and will get back the full amount. The after sales
service which include polishing and cleaning of jewel along with return
back policy is considered good by majority of the population.

INFLUENCE OF TANISHQ
PURCHASE DECISION

ON

THE

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CUSTOMER

1) Occasion specific advertisements and offers. Social media


promotions e.g. Discount offers and personal invitations during
Dhanteras, and Akshaya Tritiya. Mothers day ads by celebrities.
2) They reach customers through door-to-door campaigning,
community level advertising and emailing for specific apartments in
the vicinity. They do telecalling and have a referral program to reach
out specific customers.
3) Tanishq offers very unique designs with smooth finish, made by
highly professional designers. They have Karatmeter to check the
purity of gold, and the composition of any jewellery, assuring the
customers about the purity of the gold.
4) Tanishq has wide range of store network in all the metro cities,
connecting to maximum customer reach.
5) Tanishq offers equal importance to after sale services, despite, it
generates the least or almost nil revenue from the customer.
6) Differentiation in service: Store person handling Kids of customers,
providing refreshments, persuasiveness of the sales man, in depth
product details like composition, shown to the customers on
computer screen

COMPETITIVE ANALYSIS
Jewellery market in India is moving towards the branded sector, with a
growth of 30% every year. Although Tanishq is the market leader in this
branded jewellery sector, it is also facing stiff competition from the other
branded jewellers.
Tanishq has to build a strong case, both rationally and emotionally, to
address these changes. After two successful campaigns of affordable
Tanishq and a new wedding-collection, the customer base of Tanishq
increased considerably. They have launched a similar kind of
advertisements with taglines gift your mom, Gift a moment, which also
increased its reachability to most parts of India. Tanishq aims at leaving a
powerful impact on customers through its campaigns and commercials,
may it be about Remarriage or Mia. This resulted in growth and expansion
in both revenue and market share over the last few years.
However the government regulations, global jewellery prices and market
competition will continue to have an effect on the companys sales and
balance sheet. The changing customer tastes, growing competition in the
market and retaining of older customers are the major challenges to be
addressed currently with good marketing strategy.

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BRAND

FASHION

BRIDAL

LAUNCHED

ASMI

GDivas

Asmi Collection

2002

Nakshatra

Diva

Nakshatra Wedding

2000

Ddmas

Tanhaiya

Ddamas Bridal

1996

Kalyan
Jewellers

Amore/ Floret

Sankalp/ antaro

1993

Joyallukas

Lil Joy/ Akshaya

Apurva/Veda

1987

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Fig: Brand preference in branded jewellery market

Fig: Perpetual map for Light -weight Jewellery in India


As per the survey, people tend to consider lightweight products of Tanishq
are more fashionable also have the highest value for money among the
trusted branded jewellers. This is followed by Kalyan Jewellers and
Joyalukkas. Asmi was perceived to be marginally not fashionable and also
on the expensive side. This survey, shows that these branded jewellery is
expensive, but provide them with more fashionable options, than the unbranded jewellery.

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Fig: Perpetual map of Bridal Jewellery in India


This perceptual map displayed above is constructed based on the two
critical parameters for bridal jewelry, Price and Trend. Bridal collection
from Tanishq was considered to be trendy but also on the expensive side.
This is followed by the Joyalukkas and then Kalyan jewellers. Kalyan
jewellers is considered to give the most value for money.

BRAND EQUITY
Tanishq is having a brand name of TATA, which helps them to maintain a
standard price for all their products.

Here from this Brand Asset Evaluator of Tanishq brand


Energized Differentiation: From this we can get the Brands point of
difference. Here the main differentiating factor is that it is a reliable TATA
brand and its design is one of the best, catchy.
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Relevance: So from this we can know that a person who needs stylish
look, and who are working people who need light weight jewellery fall into
this Tanishq category
Esteem: Tanishq introduced the Karatmeter, which checks the purity. So
the perception about Tanishq is that which is having high quality and
loyalty.
Knowledge: The awareness about the new products (Mia) of Tanishq is
little less. But consumers are aware about bridal wedding collections
Tanishq falls into the Leadership part which gives them more options.

NEW STRATEGY
4Ps of Marketing

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Product: Tanishq re-launched its wedding collection with more designs,


specifically designed to the ethnics of the culture and traditions of
different regions of India. Some of the collections include, Andhra, Tamil,
Kannadika, Marwadi, Punjabi bridal collections etc. It recently launched,
Farah Khan collection. The designs are inspired by the mughals jeweler
arts. Rubies, Quartz, crystals, etc are used to make these ornaments.
Intricately designed ear-cuffs, in between finger rings that gracefully wrap
themselves between the fingers, are some of the models of this collection.
Other collections: Zoya diamond collection, Mia light weight collection,
Inara Diamond collection and aurum collection are the latest types of
Tanishqs collection.
Price: Because of the wide range of products, the price range is also
wide. The online jeweller store price range starts from Rs. 4000/-, while
the offline store starts from Rs. 20,000/-. The wedding collection range
starts from Rs. 1.5 lakh.
It is also known to give plenty of discounts through the year. They give an
annual discount of 25% on their diamond jewellery and a 20% discount on
their gold jewellery. These discounts are a very innovative tactic to get
customers to enter the store to see the collections and in the process
show them how the items not on discount are also very affordable.
The designer jewellery is priced according with the depth and complexity
of the designs. The durability, quality assurance, and the brand value of
Tanishq added to the pricing component.

Promotion:
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Tanishq is heavily promoting its new collections across its all branches.
Every branch has the collection of latest trends and they are heavily
promoting their brand value by promoting their website. They made sure
every information is readily available on website, so that a customer can
go through the website and models he wanted to purchase, before he
personally visit the store. Thus, Tanishq not only promoting its brand
value, but also promoting its customer service, which is already the best
among the branded jewellery market as per survey.
They reach customers through door-to-door campaigning, community
level advertising and emailing for specific apartments in the vicinity. They
do tele-calling and have a referral program to reach out specific
customers.
Place:
Tanishq has wide range of store network in all the metro cities, connecting
to maximum customer reach. It has its spread across 200+ Stores, across
90+ cities. Each store is very well equipped with Karatmeter, Gold shape
moulder, weight checker, and computer screen at every sitting counter.

STRATEGY RECOMMENDATIONS
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Concentrate
more in south
India

Increase the
awareness of
Mia

Identify
Budget range
of customers

Standardise
the customer
service
quality

From our survey and interview we found out that


South Indians prefer jewellery with more amount of Gold percent, whereas
North Indians prefer to have blended or studded jewellery. ROI will be
higher in case of South based customer, and hence Tanishq should
concentrate more on South Indian market and position themselves
accordingly.
As per survey, there is variation in the offered customer service across
different branches of Tanishq. Customers visit specific branches only
because of this factor. Hence, Tanishq should standardize the customer
service quality across all its branches.
Creating awareness of Mia collection as well as other new collections to
the customers visiting the stores.
Identifying the budget range of the customers which is in maximum
demand and have adequate/more inventory to meet the customer
requirements. This will improve the conversion ratio.

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REFERENCES
1. http://www.socialsamosa.com/2013/08/social-media-strategy-reviewTanishq/
2. http://www.campaignindia.in/Video/392175,we-are-ready-for-all-typesof-weddings-says-Tanishq.aspx
3. http://articles.economictimes.indiatimes.com/2015-0506/news/61865127_1_kalyan-jewellers-Tanishq-ramesh-kalyanaraman
4. https://www.facebook.com/BrandEquity/posts/586501851405199
5. http://www.bestmediainfo.com/2015/05/Tanishq-goes-the-soap-way-tostrengthen-foothold-in-south-market/
6. http://young-rubicam.de/tools-wissen/tools/brandasset-valuator/?
lang=en
7. Tanishq website

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